Advisers risk getting left behind technologically

The digital world is evolving at an amazing pace and the advice industry needs to evolve to keep up with it, advisers at an Asteron Life roadshow have heard.

Asteron Life executive general manager Jordan Hawke told attendees that the change in technology and communication over the last five to seven years has been enormous, but that the advice industry has lagged behind.

“We haven't changed at anywhere near the rate we need to,” he said.

“Consumers are driving the agenda and the rate of digital revolution has been amazing.”

There are now over 10 million Facebook users in Australia, plus 1.8 million Twitter users and 2.2 million LinkedIn users, and by 2015 brands expect to get 15% of their sales through those platforms, he said.

“What a great opportunity for this industry and what a great opportunity for you to connect with your customers using those platforms.”

Technology provides a chance to communicate with people in a different way but to do that you need to make a shift in how you use data and how you use technology, Hawke said.

“I’m a bit of a technophobe but it’s about employing somebody who loves that stuff, get a digital native into the business and get it ready because the size of the prize if you get it right is significant.”

In the next 12 months 74 per cent of people will source product using third party referral, he added.

“Other industries have made seismic shifts to accommodate this therein lies one of our key challenges.”